Caravelle signs MoU with Government of Gabon

Caravelle International Group announced that it has signed a Memorandum of Understanding with the Ministry of Water and Forestry of Gabon on the development of a critical timber processing and marketing technology for the transportation, processing and sale of timber. This initiative is another important step in preparation for the drying of timber on the same carrier as the transportation of manganese ore. Under the Memorandum of Understanding, Caravelle will acquire the rights to recover merchantable timber from the Libreville 2 construction site in Gabon, an area of 48,160 hectares. The area contains a variety of commercially valuable species including Mahogany, Ovengo, Antonia, Kwa, Birringa, Wenge and Giambi, which are highly sought after by the market due to their unique characteristics and wide range of applications. Under the agreement, Caravelle will be responsible for developing, transporting, processing, and marketing the commercially viable timber in the selected area and ensuring that all activities are in compliance with the Gabonese Republic’s forest exploitation and timber marketing regulations, which are expected to yield 10 million cubic meters of timber within two years.